Yes, and so you still can produce a lot of distortion if you maximize preamp, bass and lowest eq bands and use a low volume and no DVC. I can reproduce the effect of the limiter when I set the volume to max, then I hear the effect that @Lucas B.describes : the limiter limits, and that sounds a bit strange, but it is not the distortion that I hear without the limiter. And it's plausible that the distortions originating in the EQ vanish when I increase the volume : the limiter works b